Billboard reports that Universal Music Group has announced a multi-year agreement with Prince's estate and NPG Records, granting the major label group. The deal grants the label group exclusive licensing rights to most of Prince's catalog of released and unreleased works.

Under the deal, the estate is licensing the 25 albums Prince released under the NPG Records label, including Emancipation, Musicology and 3121 and will also work with the label group on Prince's massive collection of previously unreleased works. Additionally, starting next year, UMG will obtain the rights to "certain renowned" albums released by Prince between 1979 and 1995—arguably his most popular music-producing years.

"Prince was one of the greatest musical talents of all time -- an incomparable genius as a performer, recording artist and songwriter," said UMG chairman and CEO Lucian Grainge told Billboard. "UMG is committed to honoring Prince’s legacy and vision by creating the highest quality products and experiences."